diff --git a/include/oneapi/tbb/detail/_task.h b/include/oneapi/tbb/detail/_task.h
index 636aea97b4..8d3207f6fb 100644
--- a/include/oneapi/tbb/detail/_task.h
+++ b/include/oneapi/tbb/detail/_task.h
@@ -1,5 +1,5 @@
 /*
-    Copyright (c) 2020-2023 Intel Corporation
+    Copyright (c) 2020-2024 Intel Corporation
 
     Licensed under the Apache License, Version 2.0 (the "License");
     you may not use this file except in compliance with the License.
@@ -53,6 +53,7 @@ TBB_EXPORT void __TBB_EXPORTED_FUNC execute_and_wait(d1::task& t, d1::task_group
 TBB_EXPORT void __TBB_EXPORTED_FUNC wait(d1::wait_context&, d1::task_group_context& ctx);
 TBB_EXPORT d1::slot_id __TBB_EXPORTED_FUNC execution_slot(const d1::execution_data*);
 TBB_EXPORT d1::task_group_context* __TBB_EXPORTED_FUNC current_context();
+TBB_EXPORT d1::task* __TBB_EXPORTED_FUNC current_task();
 
 // Do not place under __TBB_RESUMABLE_TASKS. It is a stub for unsupported platforms.
 struct suspend_point_type;
@@ -147,6 +148,68 @@ class wait_context {
     }
 };
 
+class alignas(max_nfs_size) distributed_reference_counter {
+public:
+    // Despite the internal reference count is uin64_t we limit the user interface with uint32_t
+    // to preserve a part of the internal reference count for special needs.
+    distributed_reference_counter(std::uint32_t ref_count, distributed_reference_counter* parent,
+                                  wait_context& wo, small_object_allocator& allocator)
+        : m_ref_count{ref_count}
+        , m_parent_ref(parent)
+        , m_wait_ctx(wo)
+        , m_allocator(allocator)
+    {
+        suppress_unused_warning(m_version_and_traits);
+    }
+
+    distributed_reference_counter(const distributed_reference_counter&) = delete;
+
+    virtual ~distributed_reference_counter() {
+        __TBB_ASSERT(m_ref_count.load(std::memory_order_relaxed) == 0, nullptr);
+    }
+
+    void reserve(std::uint32_t delta = 1) {
+        add_reference(delta);
+    }
+
+    void release(std::uint32_t delta = 1) {
+        add_reference(-std::int64_t(delta));
+    }
+
+protected:
+    void release_parent() {
+        if (m_parent_ref) {
+            m_parent_ref->release();
+        } else {
+            m_wait_ctx.release();
+        }
+    }
+
+    // Add ability to create new behaviors by overriding logic of this method
+    // e.g., add invocation of user's callback once counter reached 0 (formally continuation)
+    virtual void add_reference(std::int64_t delta) {
+        std::uint64_t r = m_ref_count.fetch_add(static_cast<std::uint64_t>(delta)) + static_cast<std::uint64_t>(delta);
+
+        __TBB_ASSERT_EX((r & overflow_mask) == 0, "Overflow is detected");
+
+        if (!r) {
+            release_parent();
+
+            auto allocator = m_allocator;
+            this->~distributed_reference_counter();
+            allocator.deallocate(this);
+        }
+    }
+
+    std::uint64_t m_version_and_traits{};
+
+    static constexpr std::uint64_t overflow_mask = ~((1LLU << 32) - 1);
+    std::atomic<std::uint64_t> m_ref_count;
+    distributed_reference_counter* m_parent_ref{nullptr};
+    wait_context& m_wait_ctx;
+    small_object_allocator m_allocator;
+};
+
 struct execution_data {
     task_group_context* context{};
     slot_id original_slot{};
@@ -199,6 +262,7 @@ inline void wait(wait_context& wait_ctx, task_group_context& ctx) {
     call_itt_task_notify(destroy, &wait_ctx);
 }
 
+using r1::current_task;
 using r1::current_context;
 
 class task_traits {
diff --git a/include/oneapi/tbb/task_group.h b/include/oneapi/tbb/task_group.h
index 04e241f607..6d735c67fd 100644
--- a/include/oneapi/tbb/task_group.h
+++ b/include/oneapi/tbb/task_group.h
@@ -1,5 +1,5 @@
 /*
-    Copyright (c) 2005-2023 Intel Corporation
+    Copyright (c) 2005-2024 Intel Corporation
 
     Licensed under the Apache License, Version 2.0 (the "License");
     you may not use this file except in compliance with the License.
@@ -431,23 +431,53 @@ class structured_task_group;
 class isolated_task_group;
 #endif
 
-template<typename F>
-class function_task : public task {
-    const F m_func;
+class base_task_group_task : public task {
+public:
+    base_task_group_task(wait_context& wo, small_object_allocator& alloc, distributed_reference_counter* p = nullptr)
+        : m_wait_ctx(wo), m_allocator(alloc), m_parent(p)
+    {}
+
+    distributed_reference_counter* get_ref_counter() {
+        if (m_ref_counter == nullptr) {
+            small_object_allocator alloc{};
+            // Original task holds implicit reference to ensure the reference_counter would not be destroyed
+            // after completing one or several nested stolen tasks.
+            m_ref_counter = alloc.new_object<distributed_reference_counter>(1, m_parent, m_wait_ctx, alloc);
+            m_parent = m_ref_counter;
+        }
+        return m_ref_counter;
+    }
+
+    bool is_same_task_group(wait_context* wo) {
+        return &m_wait_ctx == wo;
+    }
+protected:
     wait_context& m_wait_ctx;
     small_object_allocator m_allocator;
+    distributed_reference_counter* m_parent{nullptr};
+    distributed_reference_counter* m_ref_counter{nullptr};
+};
+
+template<typename F>
+class function_task : public base_task_group_task {
+    const F m_func;
 
     void finalize(const execution_data& ed) {
-        // Make a local reference not to access this after destruction.
-        wait_context& wo = m_wait_ctx;
-        // Copy allocator to the stack
         auto allocator = m_allocator;
-        // Destroy user functor before release wait.
+        wait_context& wo = m_wait_ctx;
+        auto parent = m_parent;
+
         this->~function_task();
-        wo.release();
+
+        if (parent) {
+            parent->release();
+        } else {
+            wo.release();
+        }
 
         allocator.deallocate(this, ed);
     }
+
     task* execute(execution_data& ed) override {
         task* res = d2::task_ptr_or_nullptr(m_func);
         finalize(ed);
@@ -458,15 +488,13 @@ class function_task : public task {
         return nullptr;
     }
 public:
-    function_task(const F& f, wait_context& wo, small_object_allocator& alloc)
-        : m_func(f)
-        , m_wait_ctx(wo)
-        , m_allocator(alloc) {}
-
-    function_task(F&& f, wait_context& wo, small_object_allocator& alloc)
-        : m_func(std::move(f))
-        , m_wait_ctx(wo)
-        , m_allocator(alloc) {}
+    function_task(const F& f, wait_context& wo, small_object_allocator& alloc, distributed_reference_counter* p = nullptr)
+        : base_task_group_task(wo, alloc, p), m_func(f)
+    {}
+
+    function_task(F&& f, wait_context& wo, small_object_allocator& alloc, distributed_reference_counter* p = nullptr)
+        : base_task_group_task(wo, alloc, p), m_func(std::move(f))
+    {}
 };
 
 template <typename F>
@@ -529,9 +557,18 @@ class task_group_base : no_copy {
 
     template<typename F>
     task* prepare_task(F&& f) {
-        m_wait_ctx.reserve();
+        base_task_group_task* parent_task = dynamic_cast<base_task_group_task*>(current_task());
+        distributed_reference_counter* ref_counter = nullptr;
+
+        if (parent_task && parent_task->is_same_task_group(&m_wait_ctx)) {
+            ref_counter = parent_task->get_ref_counter();
+            ref_counter->reserve();
+        } else {
+            m_wait_ctx.reserve();
+        }
+
         small_object_allocator alloc{};
-        return alloc.new_object<function_task<typename std::decay<F>::type>>(std::forward<F>(f), m_wait_ctx, alloc);
+        return alloc.new_object<function_task<typename std::decay<F>::type>>(std::forward<F>(f), m_wait_ctx, alloc, ref_counter);
     }
 
     task_group_context& context() noexcept {
diff --git a/src/tbb/def/lin32-tbb.def b/src/tbb/def/lin32-tbb.def
index ec03c3aa5c..698b059e06 100644
--- a/src/tbb/def/lin32-tbb.def
+++ b/src/tbb/def/lin32-tbb.def
@@ -1,5 +1,5 @@
 /*
-    Copyright (c) 2005-2021 Intel Corporation
+    Copyright (c) 2005-2024 Intel Corporation
 
     Licensed under the Apache License, Version 2.0 (the "License");
     you may not use this file except in compliance with the License.
@@ -77,6 +77,7 @@ _ZN3tbb6detail2r17suspendEPFvPvPNS1_18suspend_point_typeEES2_;
 _ZN3tbb6detail2r16resumeEPNS1_18suspend_point_typeE;
 _ZN3tbb6detail2r121current_suspend_pointEv;
 _ZN3tbb6detail2r114notify_waitersEj;
+_ZN3tbb6detail2r112current_taskEv;
 
 /* Task dispatcher (task_dispatcher.cpp) */
 _ZN3tbb6detail2r114execution_slotEPKNS0_2d114execution_dataE;
diff --git a/src/tbb/def/lin64-tbb.def b/src/tbb/def/lin64-tbb.def
index 119eea1348..2fe2dcc763 100644
--- a/src/tbb/def/lin64-tbb.def
+++ b/src/tbb/def/lin64-tbb.def
@@ -1,5 +1,5 @@
 /*
-    Copyright (c) 2005-2021 Intel Corporation
+    Copyright (c) 2005-2024 Intel Corporation
 
     Licensed under the Apache License, Version 2.0 (the "License");
     you may not use this file except in compliance with the License.
@@ -77,6 +77,7 @@ _ZN3tbb6detail2r17suspendEPFvPvPNS1_18suspend_point_typeEES2_;
 _ZN3tbb6detail2r16resumeEPNS1_18suspend_point_typeE;
 _ZN3tbb6detail2r121current_suspend_pointEv;
 _ZN3tbb6detail2r114notify_waitersEm;
+_ZN3tbb6detail2r112current_taskEv;
 
 /* Task dispatcher (task_dispatcher.cpp) */
 _ZN3tbb6detail2r114execution_slotEPKNS0_2d114execution_dataE;
diff --git a/src/tbb/def/mac64-tbb.def b/src/tbb/def/mac64-tbb.def
index fcccd7b858..3c969c66b2 100644
--- a/src/tbb/def/mac64-tbb.def
+++ b/src/tbb/def/mac64-tbb.def
@@ -1,4 +1,4 @@
-# Copyright (c) 2005-2021 Intel Corporation
+# Copyright (c) 2005-2024 Intel Corporation
 #
 # Licensed under the Apache License, Version 2.0 (the "License");
 # you may not use this file except in compliance with the License.
@@ -79,6 +79,7 @@ __ZN3tbb6detail2r17suspendEPFvPvPNS1_18suspend_point_typeEES2_
 __ZN3tbb6detail2r16resumeEPNS1_18suspend_point_typeE
 __ZN3tbb6detail2r121current_suspend_pointEv
 __ZN3tbb6detail2r114notify_waitersEm
+__ZN3tbb6detail2r112current_taskEv
 
 # Task dispatcher (task_dispatcher.cpp)
 __ZN3tbb6detail2r114execution_slotEPKNS0_2d114execution_dataE
diff --git a/src/tbb/def/win32-tbb.def b/src/tbb/def/win32-tbb.def
index 6863914028..0781dbd2aa 100644
--- a/src/tbb/def/win32-tbb.def
+++ b/src/tbb/def/win32-tbb.def
@@ -1,4 +1,4 @@
-; Copyright (c) 2005-2021 Intel Corporation
+; Copyright (c) 2005-2024 Intel Corporation
 ;
 ; Licensed under the Apache License, Version 2.0 (the "License");
 ; you may not use this file except in compliance with the License.
@@ -71,6 +71,7 @@ EXPORTS
 ?resume@r1@detail@tbb@@YAXPAUsuspend_point_type@123@@Z
 ?suspend@r1@detail@tbb@@YAXP6AXPAXPAUsuspend_point_type@123@@Z0@Z
 ?notify_waiters@r1@detail@tbb@@YAXI@Z
+?current_task@r1@detail@tbb@@YAPAVtask@d1@23@XZ
 
 ; Task dispatcher (task_dispatcher.cpp)
 ?spawn@r1@detail@tbb@@YAXAAVtask@d1@23@AAVtask_group_context@523@G@Z
diff --git a/src/tbb/def/win64-tbb.def b/src/tbb/def/win64-tbb.def
index 306903c129..fa1e8acc6e 100644
--- a/src/tbb/def/win64-tbb.def
+++ b/src/tbb/def/win64-tbb.def
@@ -1,4 +1,4 @@
-; Copyright (c) 2005-2021 Intel Corporation
+; Copyright (c) 2005-2024 Intel Corporation
 ;
 ; Licensed under the Apache License, Version 2.0 (the "License");
 ; you may not use this file except in compliance with the License.
@@ -71,6 +71,7 @@ EXPORTS
 ?resume@r1@detail@tbb@@YAXPEAUsuspend_point_type@123@@Z
 ?current_suspend_point@r1@detail@tbb@@YAPEAUsuspend_point_type@123@XZ
 ?notify_waiters@r1@detail@tbb@@YAX_K@Z
+?current_task@r1@detail@tbb@@YAPEAVtask@d1@23@XZ
 
 ; Task dispatcher (task_dispatcher.cpp)
 ?spawn@r1@detail@tbb@@YAXAEAVtask@d1@23@AEAVtask_group_context@523@@Z
diff --git a/src/tbb/scheduler_common.h b/src/tbb/scheduler_common.h
index 56610ffe41..3e7674abb2 100644
--- a/src/tbb/scheduler_common.h
+++ b/src/tbb/scheduler_common.h
@@ -1,5 +1,5 @@
 /*
-    Copyright (c) 2005-2023 Intel Corporation
+    Copyright (c) 2005-2024 Intel Corporation
 
     Licensed under the Apache License, Version 2.0 (the "License");
     you may not use this file except in compliance with the License.
@@ -479,6 +479,9 @@ class alignas (max_nfs_size) task_dispatcher {
     //! Suspend point (null if this task dispatcher has been never suspended)
     suspend_point_type* m_suspend_point{ nullptr };
 
+    //! Innermost task whose task::execute() is running. A nullptr on the outermost level.
+    d1::task* m_innermost_running_task{ nullptr };
+
     //! Attempt to get a task from the mailbox.
     /** Gets a task only if it has not been executed by its sender or a thief
         that has stolen it from the sender's task pool. Otherwise returns nullptr.
diff --git a/src/tbb/small_object_pool.cpp b/src/tbb/small_object_pool.cpp
index 28d11d011d..bd44a8ec22 100644
--- a/src/tbb/small_object_pool.cpp
+++ b/src/tbb/small_object_pool.cpp
@@ -1,5 +1,5 @@
 /*
-    Copyright (c) 2020-2021 Intel Corporation
+    Copyright (c) 2020-2024 Intel Corporation
 
     Licensed under the Apache License, Version 2.0 (the "License");
     you may not use this file except in compliance with the License.
@@ -40,6 +40,7 @@ void* __TBB_EXPORTED_FUNC allocate(d1::small_object_pool*& allocator, std::size_
     // TODO: optimize if the allocator contains a valid pool.
     auto tls = governor::get_thread_data();
     auto pool = tls->my_small_object_pool;
+    __TBB_ASSERT(allocator == nullptr || pool == allocator, "An attempt was made to allocate using another thread's small memory pool");
     return pool->allocate_impl(allocator, number_of_bytes);
 }
 
diff --git a/src/tbb/task.cpp b/src/tbb/task.cpp
index 08463bf398..3a72725af3 100644
--- a/src/tbb/task.cpp
+++ b/src/tbb/task.cpp
@@ -1,5 +1,5 @@
 /*
-    Copyright (c) 2005-2023 Intel Corporation
+    Copyright (c) 2005-2024 Intel Corporation
 
     Licensed under the Apache License, Version 2.0 (the "License");
     you may not use this file except in compliance with the License.
@@ -221,6 +221,10 @@ void notify_waiters(std::uintptr_t wait_ctx_addr) {
     governor::get_thread_data()->my_arena->get_waiting_threads_monitor().notify(is_related_wait_ctx);
 }
 
+d1::task* current_task() {
+    return governor::get_thread_data()->get_current_task();
+}
+
 } // namespace r1
 } // namespace detail
 } // namespace tbb
diff --git a/src/tbb/task_dispatcher.h b/src/tbb/task_dispatcher.h
index 20c7c731a7..4b370ed2d5 100644
--- a/src/tbb/task_dispatcher.h
+++ b/src/tbb/task_dispatcher.h
@@ -1,5 +1,5 @@
 /*
-    Copyright (c) 2020-2023 Intel Corporation
+    Copyright (c) 2020-2024 Intel Corporation
 
     Licensed under the Apache License, Version 2.0 (the "License");
     you may not use this file except in compliance with the License.
@@ -249,15 +249,17 @@ d1::task* task_dispatcher::local_wait_for_all(d1::task* t, Waiter& waiter ) {
         task_dispatcher& task_disp;
         execution_data_ext old_execute_data_ext;
         properties old_properties;
+        d1::task* old_innermost_running_task;
 
         ~dispatch_loop_guard() {
             task_disp.m_execute_data_ext = old_execute_data_ext;
             task_disp.m_properties = old_properties;
+            task_disp.m_innermost_running_task = old_innermost_running_task;
 
             __TBB_ASSERT(task_disp.m_thread_data && governor::is_thread_data_set(task_disp.m_thread_data), nullptr);
             __TBB_ASSERT(task_disp.m_thread_data->my_task_dispatcher == &task_disp, nullptr);
         }
-    } dl_guard{ *this, m_execute_data_ext, m_properties };
+    } dl_guard{ *this, m_execute_data_ext, m_properties, m_innermost_running_task };
 
     // The context guard to track fp setting and itt tasks.
     context_guard_helper</*report_tasks=*/ITTPossible> context_guard;
@@ -317,6 +319,7 @@ d1::task* task_dispatcher::local_wait_for_all(d1::task* t, Waiter& waiter ) {
 
                     ITT_CALLEE_ENTER(ITTPossible, t, itt_caller);
 
+                    m_innermost_running_task = t;
                     if (ed.context->is_group_execution_cancelled()) {
                         t = t->cancel(ed);
                     } else {
diff --git a/src/tbb/thread_data.h b/src/tbb/thread_data.h
index 9dfa492a72..421b9b10ec 100644
--- a/src/tbb/thread_data.h
+++ b/src/tbb/thread_data.h
@@ -1,5 +1,5 @@
 /*
-    Copyright (c) 2020-2023 Intel Corporation
+    Copyright (c) 2020-2024 Intel Corporation
 
     Licensed under the Apache License, Version 2.0 (the "License");
     you may not use this file except in compliance with the License.
@@ -139,6 +139,8 @@ class thread_data : public ::rml::job
     void leave_task_dispatcher();
     void propagate_task_group_state(std::atomic<uint32_t> d1::task_group_context::* mptr_state, d1::task_group_context& src, uint32_t new_state);
 
+    d1::task* get_current_task();
+
     //! Index of the arena slot the scheduler occupies now, or occupied last time
     unsigned short my_arena_index;
 
@@ -251,6 +253,10 @@ inline void thread_data::propagate_task_group_state(std::atomic<std::uint32_t> d
     my_context_list->epoch.store(the_context_state_propagation_epoch.load(std::memory_order_relaxed), std::memory_order_release);
 }
 
+inline d1::task* thread_data::get_current_task() {
+    return my_task_dispatcher->m_innermost_running_task;
+}
+
 } // namespace r1
 } // namespace detail
 } // namespace tbb
diff --git a/test/common/memory_usage.h b/test/common/memory_usage.h
index cf8b4180d4..06490f03db 100644
--- a/test/common/memory_usage.h
+++ b/test/common/memory_usage.h
@@ -1,5 +1,5 @@
 /*
-    Copyright (c) 2005-2022 Intel Corporation
+    Copyright (c) 2005-2024 Intel Corporation
 
     Licensed under the Apache License, Version 2.0 (the "License");
     you may not use this file except in compliance with the License.
@@ -38,6 +38,8 @@
 #elif __APPLE__ && !__ARM_ARCH
 #include <unistd.h>
 #include <mach/mach.h>
+// Undef due to conflict with library API
+#undef current_task
 #include <AvailabilityMacros.h>
 #if MAC_OS_X_VERSION_MIN_REQUIRED >= __MAC_10_6 || __IPHONE_OS_VERSION_MIN_REQUIRED >= __IPHONE_8_0
 #include <mach/shared_region.h>